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Lithuanian Gas cuts planned investments in new gas mains by 11.6 million euros

BFL/Tomo Lukšio nuotr. / Lietuvos Dujos Deputy CEO Joachim Hockertz
Šaltinis: BNS

Lietuvos Dujos (Lithuanian Gas), the Lithuanian gas import and transportation company controlled by Germany's E.ON Ruhrgas and Russia's Gazprom, has reduced the amount of planned investments in the construction of new gas transmission pipelines in 2013 by around 40 million litas (EUR 11.6m) after having shelved or cancelled certain investment projects.

Lietuvos Dujos Deputy CEO Joachim Hockertz attributed this to a lower need for investments due to company's previous heavy investments in infrastructure.

"The investments are going down because we have invested heavily in infrastructure, 1.1 billion litas, over ten years. Investments in the transmission system will decline, because we have already built a lot and this need is not so big any more," he told reporters after Thursday's meeting of the National Control Commission for Prices and Energy.

During the meeting, the regulatory authority approved Lietuvos Dujos' investment program for 2009 through 2013, which is much smaller in scale than the one approved in 2011. In the revised program, investments in transmission operations go down by 48.683 million litas. The company plans to invest 70.754 million litas in new gas transmission pipelines next year and a total of 160.666 million litas in 2011 through 2013.

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